#1
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Question on Canada and taxes
Ok so i know if you're playing in the states, legally you should be declaring your winnings and pay taxes.
What about in canada? |
#2
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Re: Question on Canada and taxes
if you are playing poker professionally and it is your main source of income, you need to pay tax. if not, you don't.
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#3
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Re: Question on Canada and taxes
It doesn't even need to be your main source of income. If you are playing in a systematic way, the goal of which is to earn money, it's taxable.
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#4
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Re: Question on Canada and taxes
what if its for recreation? Seems like a gray area.
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#5
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Re: Question on Canada and taxes
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#6
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Re: Question on Canada and taxes
If you truly are a recreational player (and you have to prove that you are if you are audited and decide to appeal in court), you don't have to declare poker winnings.
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#7
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Re: Question on Canada and taxes
Has any Canadian ever been taken to tax court over poker winnings?
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#8
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Re: Question on Canada and taxes
As far as I know in my experience, gambler's earnings in Canada are generally left alone as long as they can show some earnings from another source of income that can be legitimately claimed as a job. Canada is definetly the place to be at a time like this.
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#9
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Re: Question on Canada and taxes
Has any Canadian ever been taken to tax court over poker winnings?
So far they've been left alone. But if you make your living playing poker in Canada and you aren't declaring the income, you are breaking the law. |
#10
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Re: Question on Canada and taxes
[ QUOTE ]
Has any Canadian ever been taken to tax court over poker winnings? So far they've been left alone. But if you make your living playing poker in Canada and you aren't declaring the income, you are breaking the law. [/ QUOTE ] Do you think that someone making a basic living on $25,000 a year playing poker could be the first one made an example of in tax court when there are undoubtedly pros and semi-pros with a job and pensioners and some university students making a lot more regularly? I would think they'd go for a big fish first and then a few hundred would rush to tax amnesty (aka voluntary disclosure) to pay back-taxes and interest but without penalties or prosecution. |
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